Loan Week, January 17-23

A roundup of the latest syndicated loan market news.


DongYing AustAsia Modern Dairy, DongYing Xianhe AustAsia Modern Dairy Farm, DongYing Shenzhou AustAsia Modern Dairy Farm and TaiAn AustAsia Modern Dairy Farm have inked a $141 million five-year term loan on a club basis through mandated lead arrangers Bank Mandiri, DBS and Rabobank.

Proceeds are to refinance existing indebtedness.

Franshion Properties (China) has obtained a $100 million one-year term loan through mandated lead arrangers JPMorgan and SMBC on a club basis.

Final allocations saw the banks contribute evenly.

Proceeds are for general corporate purposes.

Hong Kong

Lee & Man Paper Manufacturing has secured a HK$4.5 billion four-year credit facility on a club basis through mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Hang Seng Bank, HSBC, Mizuho and Standard Chartered.

Final allocations saw Hang Seng Bank and HSBC commit HK$1.5 billion each while Bank of Tokyo-Mitsubishi UFJ, Mizuho and Standard Chartered pledged HK$500 million apiece.

Proceeds are for general corporate purposes.

Sun Hung Kai Properties (Financial Services) has self-arranged a HK$14 billion 5.5-year facility on a club basis through coordinating arrangers Bank of China, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, China Construction Bank, Credit Agricole, HSBC, Mizuho, OCBC, Standard Chartered, SMBC and UOB.

The debt package is split evenly into a term loan and a revolver, and was increased from an original amount of HK$5 billion.

Syndication saw DBS come in as co-arranger.

Proceeds are for general corporate purposes.


Eurotas Infrastructure has secured a Rs2.9 billion 10-year term loan via sole bookrunner Axis Bank.

The fundraising is fully underwritten by Axis Bank.

Final allocations saw the lead come in with Rs830 million, while Canara Bank, Vijaya Bank and State Bank of Mysore participated with Rs820 million, Rs750 million and Rs500 million respectively.

Proceeds are for the construction of a cement unit.

Jindal India Thermal Power has sealed a Rs44.6 billion loan package through sole bookrunner State Bank of India.

The facility consists of four term loan tranches with tenors ranging from 12-years and 13-years.

Syndication saw 14 banks join in as participants.

Proceeds are for the development of a coal based thermal power project.

West Bengal Power Development Corp has inked a Rs14.9 billion 15-year term loan through sole bookrunner and mandated lead arranger State Bank of India.

State of West Bengal is the loan sponsor.

Final allocations saw participant Power Finance Corp lend Rs14.9 billion.

Proceeds are to securitise the cash flow receivables from Bakreswar Unit IV & V Thermal Power Projects.


QSR Brands (M) Holdings has signed a M$2.5 billion seven-year loan amendment through bookrunner CIMB Bank and mandated lead arranger RHB Bank.

CVC Asia Pacific, Employees Provident Fund and Johor Corp are the loan sponsors.

Final allocations saw CIMB take M$2.0 billion while RHB Bank contributed the rest.

Proceeds of the original facility are for acquisition, debt repayment, capital expenditure and working capital purposes.


BES Engineering has signed a NT$9.2 billion five-year facility through joint bookrunners China Construction Bank and Land Bank of Taiwan.

The financing contains a NT$4.5 billion revolving/term credit facility, a NT$3.9 billion guarantee facility and a NT$800 million guarantee tranche.

Syndication saw 11 other banks join in at lower tiers.

Proceeds are to repay existing indebtedness.

TYC Brother Industrial has closed a NT$3.6 billion five-year revolving credit via joint bookrunners Bank of Taiwan, First Commercial Bank and Mega International Commercial Bank.

The deal is split into a NT$3.6 billion tranche and a $30 million portion but the maximum drawdown cannot exceed a combined NT$3.6 billion.

During syndication, Chang Hwa Commercial Bank and Yuanta Commercial Bank contribute as mandated lead arrangers while Agricultural Bank of Taiwan, Bank SinoPac, CTBC Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan, Land Bank of Taiwan, Shanghai Commercial & Savings Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank join in at lower tiers.

Proceeds are to refinance an existing loan facility signed in Nov 2009 and for working capital purposes.

United States

Indorama Ventures has concluded a $640 million seven-year term loan through bookrunners Bangkok Bank, Krungthai Bank and Siam Commercial Bank.

The facility is fully-underwritten by the three bookrunners.

Final allocations saw the leads take $175 million each, while Thananchart Bank, CIMB Thai Bank and UOB (Thai) participated with $46 million, $40 million and $29 million respectively.

Proceeds are for refinancing purposes.



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